DDM Analysis: FESA3.SA

Valuation Snapshot

Stable Growth	$60.97 - $121.92	$114.26
Multi-Stage	$19.29 - $21.09	$20.17
Blended Fair Value	$67.22
Current Price	$6.45
Upside	942.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.70%	18.60%	0.50	0.64	1.28	0.30	0.14	0.33	0.31	0.41	0.01	0.21
YoY Growth	-	-	-23.15%	-49.66%	329.19%	113.39%	-57.17%	5.34%	-24.87%	4,355.92%	-95.66%	136.98%
Dividend Yield	-	-	6.82%	7.58%	9.66%	2.51%	1.64%	10.07%	5.75%	7.84%	0.35%	11.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.89
(-) Cash Dividends Paid (M)	164.62
(=) Cash Retained (M)	50.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.98	26.86	16.12
Cash Retained (M)	50.26	50.26	50.26
(-) Cash Required (M)	-42.98	-26.86	-16.12
(=) Excess Retained (M)	7.28	23.40	34.14
(/) Shares Outstanding (M)	350.51	350.51	350.51
(=) Excess Retained per Share	0.02	0.07	0.10
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.02	0.07	0.10
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.97	$114.26	$121.92
Upside / Downside	845.23%	1,671.44%	1,790.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.89	228.85	243.73	259.57	276.44	294.41	303.24
Payout Ratio	76.61%	79.29%	81.97%	84.64%	87.32%	90.00%	92.50%
Projected Dividends (M)	164.62	181.45	199.77	219.71	241.40	264.97	280.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	169.02	170.62	172.22
Year 2 PV (M)	173.33	176.63	179.97
Year 3 PV (M)	177.57	182.67	187.86
Year 4 PV (M)	181.72	188.71	195.90
Year 5 PV (M)	185.80	194.78	204.09
PV of Terminal Value (M)	5,873.72	6,157.42	6,451.98
Equity Value (M)	6,761.16	7,070.83	7,392.03
Shares Outstanding (M)	350.51	350.51	350.51
Fair Value	$19.29	$20.17	$21.09
Upside / Downside	199.06%	212.76%	226.96%

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Cia de Ferro Ligas da Bahia - FERBASA (FESA3.SA)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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